FORDOO china fordoo holdings limited 中國虎都控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號：2399 虎都 Do 2019 年報 | --- | --- | --- | --- | |-------|-------|-------|-------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 有關虎都 | | | | | 我們專注於設計、採購、生產及銷 | | | | | 虎都是中國領先的男裝企業之一。 售自有品牌的男裝產品。 | 目錄 02 公司資料 03 財務摘要 04 主席報告 06 管理層討論及分析 18 企業管治報告 28 董事及高級管理層履歷詳情 30 環境、社會及管治報告 49 董事會報告 60 獨立核數師報告 67 綜合損益及其他全面收益表 69 綜合財務狀況表 71 綜合權益變動表 72 綜合現金流量表 73 財務報表附註 146 五年概要 ...

Financial Performance - The company's revenue decreased by 51.5% to RMB 152.2 million for the six months ended June 30, 2019, compared to RMB 314.1 million in the same period of 2018[8]. - Gross profit fell by 47.0% to RMB 55.6 million, down from RMB 104.8 million year-on-year[8]. - The net loss for the period was RMB 56.0 million, a significant increase from a net loss of RMB 7.1 million in the previous year[8]. - Basic and diluted loss per share was RMB 11.6 cents, compared to RMB 1.47 cents in the same period of 2018[8]. - Revenue decreased approximately 52% from RMB 314.1 million in the first half of 2018 to RMB 152.2 million in the first half of 2019[20]. - Men's trousers remained the primary revenue source, accounting for 69.1% of total revenue in the first half of 2019, compared to 56.0% in the same period of 2018[21]. - The business casual segment generated RMB 78.3 million, representing 51.4% of total revenue in the first half of 2019, down from 37.9% in the previous year[22]. - The company reported a loss attributable to shareholders of approximately RMB 56.0 million in the first half of 2019, compared to a loss of RMB 7.1 million in the first half of 2018[34]. - The company reported a net loss of RMB 55,954,000 for the six months ended June 30, 2019, compared to a loss of RMB 7,080,000 in the same period of 2018[123]. Store Operations - The company closed 81 retail stores, reducing the total number of stores to 591 as of June 30, 2019, from 672 stores at the end of 2018[14]. - The total number of retail stores decreased from 672 at the end of 2018 to 591 by June 30, 2019, due to the ongoing store network consolidation strategy[36]. - The distribution network included 40 distributors and 91 secondary distributors as of June 30, 2019, down from 50 and 104 respectively at the end of 2018[37]. - The company opened 8 new stores and renovated 13 existing stores in the first half of 2019 to enhance brand image[38]. Financial Position - Total liabilities decreased from RMB 853 million as of December 31, 2018, to RMB 782 million as of June 30, 2019[16]. - The debt-to-equity ratio remained stable at 37.9%, slightly up from 37.5% at the end of 2018[10]. - The total equity decreased by approximately RMB 56.2 million to about RMB 1,353.5 million as of June 30, 2019, compared to RMB 1,409.7 million as of December 31, 2018[48]. - The company’s liabilities totaled RMB 782,406,000 as of June 30, 2019, down from RMB 852,642,000 at the end of 2018[114]. - The company reported a cumulative unrecognized share of losses from its joint venture of RMB (4,406,000) as of June 30, 2019, unchanged from the previous year[134]. Cash Flow and Liquidity - The net cash position as of June 30, 2019, was RMB 85.0 million, down from RMB 94.8 million as of December 31, 2018[46]. - Cash flow from operating activities for the six months ended June 30, 2019, was approximately RMB 13.9 million, a decrease from RMB 52.3 million for the same period in 2018[46]. - Cash flow from investing activities for the six months ended June 30, 2019, was approximately RMB 51.9 million, an increase from RMB 32.4 million for the same period in 2018[48]. - The company maintains a net cash position as of June 30, 2019, ensuring sufficient working capital for operations[49]. - The company reported a net cash inflow from investing activities of RMB 51,930,000, a significant improvement from a net outflow of RMB 32,405,000 in the previous year[85]. Inventory and Receivables - The average inventory turnover days increased to 78 days in the first half of 2019, compared to 46 days in the same period last year, due to a decrease in customer orders[49]. - The average trade receivables turnover days rose to 182 days, up 53 days from 129 days year-on-year, with total trade receivables decreasing by approximately 40.3% to RMB 114.8 million[49]. - The company reported inventory of RMB 38,840,000 as of June 30, 2019, compared to RMB 44,669,000 as of December 31, 2018[136]. - As of June 30, 2019, the company had trade receivables of RMB 378,603,000, with a provision for impairment of RMB 263,825,000[137]. Strategic Initiatives - The company aims to enhance its design and product development capabilities while strengthening brand building strategies to meet customer demands[13]. - The company is diversifying its business by entering the Langde Goose business and establishing online platforms and retail stores for consumer goods in China[13]. - The company is optimistic about long-term growth opportunities in the men's wear market despite challenges in the business environment[41]. - The company plans to continue investing in product design and R&D capabilities to capture fashion trends and consumer preferences[41]. - The company plans to expand its online platform and retail stores, which generated RMB 6,504,000 in revenue for the first half of 2019[119]. Expenses and Costs - Selling and distribution expenses increased by approximately RMB 3.1 million to RMB 29.0 million in the first half of 2019, accounting for about 19.0% of total revenue, a rise of 10.8 percentage points year-on-year[29]. - Administrative and other operating expenses increased by approximately RMB 7.5 million to RMB 83.4 million in the first half of 2019, representing about 53.8% of total revenue, an increase of 29.7 percentage points year-on-year[31]. - Financing costs rose by 25.8% from RMB 12.4 million in the first half of 2018 to approximately RMB 15.6 million in the first half of 2019, mainly due to rising average interest rates[32]. - The company incurred a provision for bad debts of RMB 29,808,000 for the first half of 2019, compared to RMB 889,000 in the same period of 2018[123]. Shareholder Information - The company reported no dividends declared or proposed during the period, consistent with the previous year[179]. - The issued and paid-up share capital as of June 30, 2019, was 480,900,000 shares, amounting to HKD 4,809,000[180]. - The company proposed a share split on August 28, 2019, to split each existing share with a par value of HKD 0.01 into four shares with a par value of HKD 0.0025, pending shareholder approval[194]. - As of June 30, 2019, Mr. Guo Jianxin holds 231,550,000 shares, representing 48.15% of the total issued shares[197]. - The company has not disclosed any rights granted to directors or their family members to purchase shares or debt securities during the reporting period[196].

Financial Performance - The group's revenue decreased by 45.9% to RMB 611.0 million (2017: RMB 1,129.4 million) [12] - The group's gross profit decreased by 45.0% to RMB 208.4 million (2017: RMB 378.6 million) [12] - The group's EBITDA decreased by 58.5% to RMB 45.0 million (2017: RMB 108.4 million) [12] - The group reported a net loss of RMB 44.1 million (2017: net profit of RMB 22.1 million) [12] - Basic and diluted loss per share was RMB 0.09 (2017: basic and diluted earnings per share of RMB 0.05) [12] - No final dividend was proposed (2017: nil) [12] - The net loss margin for 2018 was -7.2%, a decrease of 9.2 percentage points from 2.0% in 2017 [13] - The company recorded a net loss of RMB 44.1 million in 2018, down from a net profit of RMB 22.1 million in the previous year [20] - The total liabilities of the company in 2018 were RMB 852.6 million, compared to RMB 827.4 million in 2017 [22] - The company's total assets in 2018 were RMB 2,262.4 million, slightly down from RMB 2,279.6 million in 2017 [22] - The company reported a significant decline in revenue from the Northeast region, which fell by 90.2% to RMB 2.8 million in 2018 [30] - The company reported a loss attributable to shareholders of approximately RMB 44.4 million, compared to a profit of RMB 22.1 million in the previous year [39] - The total comprehensive income for the year was RMB (39,624) thousand, compared to RMB 30,998 thousand in the previous year, highlighting a negative shift in overall financial health [180] Operational Efficiency - The company's revenue decreased by 45.9% to RMB 611.0 million in 2018, compared to RMB 1,129.4 million in 2017 [16] - The number of retail stores decreased from 1,071 to 672, a net reduction of 399 stores [20] - The company is focusing on closing underperforming stores and enhancing control over distributors to improve operational efficiency [19] - The average inventory turnover days increased to 44 days from 27 days year-on-year, primarily due to the termination of distribution relationships with slow-paying distributors [53] - The average trade receivables turnover days rose to 114 days from 94 days year-on-year, with total trade receivables decreasing by approximately 25.2% to RMB 191.9 million as of December 31, 2018 [53] - The distribution network included 636 retail stores across over 250 cities and 29 provinces as of December 31, 2018, with a net decrease of 399 stores from the previous year [40] - The company adopted a cautious approach by suspending expansion plans and closing underperforming stores, resulting in a total of 672 retail stores as of December 31, 2018 [41] Investments and Acquisitions - New business ventures in 2018 included the acquisition of a duck farming and processing business and the establishment of an online platform for high-end food retail [19] - The company acquired 100% of Tianjin Yueshin E-commerce Co., Ltd. in July 2018, which operates online platforms and physical stores in China [27] - The company also acquired 60% of Linqu Dongda Goose Industry Co., Ltd. in November 2018, focusing on goose breeding and foie gras sales [27] - The acquisition of Dongda Goose Industry Co., Ltd. was recorded at RMB 4,645,000, with a focus on the valuation of identifiable assets and related fair value adjustments [170] - The group is in discussions regarding a potential acquisition of Jiahe Limited, which would allow for diversification and entry into asset management services [162] Corporate Governance - The board is committed to high corporate governance and business ethics standards, which are essential for enhancing investor confidence and maximizing shareholder returns [65] - The board currently consists of three executive directors and three independent non-executive directors, with independent directors making up 50% of the board, exceeding the listing rules requirement [66] - The audit committee, comprising three independent non-executive directors, assists the board in financial reporting, internal controls, and risk management, and held two meetings during the year [72] - The company has appointed three independent non-executive directors, exceeding one-third of the board, ensuring adequate checks and balances for shareholder interests [72] - The company has implemented appropriate insurance arrangements for its directors and executives against potential legal claims [70] - The board regularly reviews its governance practices to align with stakeholder expectations and regulatory requirements [66] - The company encourages all directors to participate in continuous professional development programs to enhance their knowledge and skills [70] Environmental and Social Responsibility - The company emphasizes sustainable development and integrates environmental concepts into daily production and management activities [111] - The company has implemented a solid waste classification and recycling program, selling reusable waste materials to third parties for recycling [106] - The company encourages the use of electronic communication to reduce paper usage and promotes double-sided printing [111] - The group has maintained a zero record of fatalities or work-related injuries over the past four years, adhering to all applicable labor and safety laws [118] - The group has established a childcare center, "Tiger Baby Home," to support employees with children, reflecting its commitment to employee welfare [115] - The company is committed to community investment, focusing on urban greening projects to enhance local environments [125] Risk Management - The company has established a risk management framework to identify, assess, and manage significant risks, with annual reviews conducted by the board [86] - The board believes that the risk management and internal control systems are effective and sufficient to manage business risks [86] - The company faces risks from changing fashion trends, which could impact its ability to meet consumer demands [127] - The company competes with both local and international brands, affecting its market share and profitability [128] Financial Reporting and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2018 [163] - The board is responsible for preparing the consolidated financial statements in accordance with International Financial Reporting Standards and ensuring the absence of material misstatements due to fraud or error [172] - The audit report emphasizes the importance of professional judgment and maintaining professional skepticism throughout the audit process [173] - The financial statements are presented in Renminbi (RMB) and rounded to the nearest thousand [200] - The group has adopted IFRS 16, which affects the measurement and presentation of lease liabilities and right-of-use assets [198] Employee Management - The group had a total of 1,460 employees, a decrease from 2,169 employees in 2017, with 918 employees engaged in men's apparel business [114] - The average monthly employee turnover rate in 2018 was 7.6%, significantly higher than 2.8% in 2017, indicating a need for improved employee retention strategies [115] - The group recorded a total of 1,162 hours of employee training in 2018, emphasizing the importance of skilled workforce for business success [119] - The group provides free quality accommodation for 602 employees in Quanzhou, designed with various amenities to enhance employee satisfaction [115] Supplier and Customer Relations - The group conducts annual performance evaluations of all suppliers to ensure product quality and timely delivery, enhancing competitiveness and brand image [121] - The largest customer accounted for approximately 14% of total revenue for the year, down from 19% in 2017 [138] - The top five customers contributed about 38% of total revenue, an increase from 32% in 2017 [138] - The largest supplier accounted for around 12% of total raw material purchases, consistent with 2017 [138] - The top five suppliers represented 39% of total raw material purchases, up from 30% in 2017 [138]